Get started
ICmarkets

GBPUSD testing its resistance, watch for potential drop!

Short
British Pound / U.S. Dollar (FX:GBPUSD)  
ICmarkets Broker  
FX:GBPUSD   British Pound / U.S. Dollar
Trend Analysis Chart Patterns Harmonic Patterns GBPUSD GBP USD gbpusdshort gbpusdlong Forex forexsignals Bitcoin (Cryptocurrency) cable
178
0
trendanalysis chartpattern harmonicpatterns gbpusd gbp usd gbpusdshort gbpusdlong forex forexsignals bitcoin cable
GBPUSD is testing its major resistance level at 1.3865 (horizontal overlap resistance, 23.6%, 38.2% Fibonacci retracement , 61.8% Fibonacci extension ). A strong reaction could occur at this level, pushing price down to our next major support level at 1.37049 (horizontal swing low support.
RSI (89) is also approaching its major resistance level at 52 and this is a good precursor of a potential drop should RSI react off this level.

Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
IC Markets is an online forex broker specialized in providing transparent trading solutions to both retail and institutional investors alike. We provide superior execution technology, lower spreads and unrivaled liquidity.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.